SINGAPORE - GYP Properties will be removed from the Singapore Exchange's financial-criteria watch list from Jan 23, although it will remain on watch for potential delisting because its share price is too low, the company announced on Tuesday (Jan 22) after the market closed.

Mainboard-listed GYP, the property group formerly known as Global Yellow Pages, was placed on the watch list on Dec 5, 2017, for posting three straight years of pre-tax losses and for failing to maintain a market capitalisation of at least $40 million. SGX's approval for the company's removal from the financial-criteria list comes after GYP reported a net profit of $3.7 million for the year ended June 30, 2018, and achieved a market cap that, according to SGX data, is currently about $41.5 million.

GYP's shares last traded at 15.1 cents, however. That leaves the company still under the risk of a mandatory delisting for failing to maintain a six-month volume-weighted average trading price of 20 cents and a $40 million market cap. The company was placed on the minimum-trading-price watch list on June 5, 2017, and has until June 4, 2020 to change that status or it could be forced to delist.